“We believe group PFO growth is sustainable at more than $1 billion per year.”

In context

“re among the factors that helped to fuel our underlying business fundamentals. We generated adjusted earnings, excluding notable items, of $5.6 billion. On the strength of new money yields, our adjusted net investment income grew 9% year-over-year to almost $20 billion, despite variable investment income falling below expectations. Adjusted PFOs, excluding pension risk transfers climbed 6%, with healthy growth across most business segments. Group Benefits posted adjusted earnings, excluding notable items, of $1.6 billion, up 22% from the prior year. The scale and breadth of this franchise business continues to drive organic growth and represents a clear point of competitive advantage. Sales gained 9%, while adjusted PFOs, excluding the impact of participating policies, rose roughly at 5%. We believe group PFO growth is sustainable at more than $1 billion per year. Higher interest rates serve as a tailwind to our leading Retirement and Income Solutions business, with new money yields exceeding roll-off rates for the past seven consecutive quarters. Volume growth in RIS away from PRT was very strong, with more than $5 billion of longevity, reinsurance sales and more than $3 billion of structured settlements. Pension risk transfers totaled $5.3 billion for the year, the third largest annual total in MetLife’s history. This followed an all-time record year in 2022, and we have a strong pipeline of new opportunities in 2024 and beyond. Sales growth in Asia remained strong, propelled by market demand in Japan for FX denominated life insurance products and a new cash value life product in Korea. Finally, Latin America continues to be a growing and importa”